BYD, the Shenzhen-based rival to Elon Musk’s Tesla, has unveiled plans to take on the European car market, as the electric carmaker embarks on an aggressive global expansion despite coming under pressure from a potential exit by shareholder Warren Buffett, reports the Financial Times.
China’s biggest electric vehicle and second-largest battery maker this week introduced presale prices for a range of fully electric vehicles in Europe. BYD’s Europe expansion will start in Germany, home to Volkswagen and Mercedes-Benz, and Sweden, before extending to France and the UK later this year.
“They’re looking to go against the big boys,” said Tu Le, managing director of Sino Auto Insights, a Beijing-based consultancy, who expected the Chinese models to compete with cars such as the BMW iX3 and Musk’s fleet.